Amid the market fluctuations on Thursday, data shows the stablecoin tether temporarily tapped a low of $0.961 per unit. Tether’s market fluctuations have affected the decentralized finance (defi) protocol Curve’s 3pool, as the stablecoin pool has become unbalanced Thursday morning. Furthermore, at 9:35 a.m., a report disclosed that Tether has frozen more than 46 million tethers at the request of law enforcement.
Tether price sparks speculation involving FTX’s Alameda Research, Tether CTO says ‘no problem,’ Sam Bankman-Fried says Alameda will end trading
Data from Coingecko.com indicates that Tether (USDT) temporarily lost parity with the US Dollar on Thursday (ET). The web portal notes that the price dropped quickly to $0.961 per unit, but metrics from Coinmarketcap.com indicate a November 10, 2022 low of $0.981 per unit.
Out of the $213 billion in global trade volume today, USDT has seen $106.69 billion in 24-hour global trades. There are rumors circulating that FTX’s Alameda Research holds a great deal of USDT and has been using the assets on Curve’s 3pool.
Tether’s CTO Paolo Ardoino has denied the claims and Told “Excellent. Must suck to have a worse understanding of finances than an old lady running a cashier.” Tether CTO couple He “[Tether] ~700M redemptions processed in the last 24 hours. No dispute. We keep going.”
The crypto community has also been monitoring an Ethereum address allegedly associated with FTX’s quantitative trading firm Alameda Research and watching Curve’s 3pool very closely.
Tether freezes 46.3 million tokens
At press time, 3Pool on Curve accounts for 77.69% of Tether and 11.27% of DAI tokens. Circle’s USD Coin (USDC) is worth 11.02% and the current balance on Curve’s 3pool represents the most off-balance 3pool since the collapse of Terra last May.
On Nov. 10, 2022, FTX CEO Sam Bankman-Fried (SBF) told the public Alameda Research was winding down trading. In an apology thread posted to Twitter, SBF said: “First, one way or another, Alameda Research is winding down trading.”
“They’re not doing any of the weird things I see on Twitter – and nothing major. And one way or another, soon they won’t be trading on FTX anymore,” SBF said, addressing the rumours. couple.
At 9:40 a.m. (ET), tether (USDT) was trading for $0.99 to $1.01 per unit, after showing some slight fluctuations during the early morning trading sessions. The most active USDT exchange on Thursday is Binance, according to today’s metrics.
Stablecoin issuer Tether froze 46.3 million Tether at the request of law enforcement (LE), according to a report published by CoinDesk. A Tether executive explained to Coindesk reporter Oliver Knight: “We have begun to receive requests from LE to temporarily freeze assets during the investigation.”
